Southeast Asian fintech Fazz — a business account for businesses of all sizes to pay, save and get credit — has raised US$100 million in Series C funding.
The US$75 million in equity includes investment from existing investors such as Tiger Global, DST Investment, B Capital, Insignia Ventures Partners and ACE & Company. Ilham Ltd, EDBI, InterVest, Michael Seibel (Y Combinator) and Hans Tung (GGV Capital) participated in the round.
The company has also signed a term sheet with Lendable for a US$25 million debt facility.
Fazz, previously known as the Fazz Financial Group, is a merger between Indonesia-founded PayFazz and Singapore-founded Xfers.
Its primary offerings are an application for small retailers called Fazz Agen, and an application for startups and larger businesses called Fazz Business. It also provides a MSME peer-to-peer financing service and payments infrastructure for digital assets.
Fazz says that it saw US$10 billion in annualised transaction volumes over the past year and that the funding will be used to double its transaction volumes in the next 12 months.
The company also hopes to expand their teams in Singapore, Indonesia, Malaysia, Vietnam and Taiwan from over 800 to 1,400.
Hendra Kwik
“Our technology is our key differentiator — we invest a lot in the tech side of our business to ensure that any business from small family shops to big enterprises can access financial tools to build their business,”
said Hendra Kwik, Chief Executive Officer of Fazz.
Alex Cook
“Fazz provides important financial tools to businesses in Southeast Asia, many of whom lack easy access to digital payments, treasury functions, and growth capital.
The Fazz platform has been rapidly adopted by both small businesses and large corporations, and we look forward to continuing our partnership with the Fazz team,”
said Alex Cook, Partner, Tiger Global.
